Shinryo lines up buy-out of Indian cleanroom firm
Japanese industrial giant Shinryo Corporation will acquire GMP Technical Solutions, India’s 2nd largest cleanroom business.
GMP Technical is currently 85% owned by Vascon Engineers, a real estate company based in Pune. It manufactures cleanroom equipment and fire rated doors for clients in pharmaceutical, semiconductors, biotech, aerospace, manufacturing and other verticals.
Shinryo has entered a binding agreement to acquire an 85% stake in GMP at a valuation of USD 22 million, subject to closing conditions. The remaining 15% will be retained by the company's management, said a release announcing the deal.
Shinryo is a specialist in heating, ventilation and air conditioning systems, and says that GMP Technical Solutions' will help it to gain market share in the Indian market for clean room partitions coming from sectors such as electronics and semiconductor manufacturing.
